Destiny Media Reports Record Revenues for Q3 2008

July 14, 2008 at 5:40 AM (PT)

DESTINY MEDIA, home of the PLAY MPE system, reports record revenues for Q3 which covers the period MARCH - MAY 2008.

According to DESTINY CEO STEVE VESTERGAARD, this was the quarter where DESTINY clearly emerged as the company which will become the global standard in digital delivery of pre-release music. "We've built a foundation where we can confidently say we expect to be profitable by Q1 (SEPTEMBER - NOVEMBER). We've reduced expenses by over 20% from the prior quarter and expect costs to continue to decline. We have maintained upward revenue growth while implementing a new system of calculating price per send, which while beneficial to the labels in the short term, should result in higher volumes and revenues in coming months. We expect a revenue spike in the first quarter."

"Our system usage continues to grow, VESTERGAARD continued. "We expect to announce at least one more company wide major label agreement and one major label international agreement in Q4. We also expect to announce significant progress with our expansion into CANADA and new industry partnerships."